Hopefully you enjoyed all the excitement of yesterday and have some profit locked in. You may have even taken the windfall profit just before the US markets opened yesterday and who could blame you! As expected after awild move, the markets have drawn back as traders take profit, but I do expect a further push lower today to retest the lows of yesterday. All three pairs have established strong downtrends, and while I am expecting further consolidations and a draw back, I do believe they will continue to fall. We now have descending triangles forming at yesterdays closes and we are at key levels. A break to the low side will, I believe trigger another precipitous fall. If the support holds, we will undoubtedly see consolidation for further attempts to break or a pull back at least to the 1hr 62EMA or 5 min 800SMA. I will be taking additional positions on a close below the following levels, having moved stop losses on my other positions to at least breakeven. Tony 1.6077; Cable 1.4847; Yippon 132.56
I am currently up about 550 points, with 200 of those locked in. I intend holding for a break below these key levels, good luck!
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